Reference no: EM133078757
The city has a population of 30,000,000. The working-age population is 20,000,000. Of these, 14,000,000 people had jobs. Of the remainder, 1,500,000 were looking for work, 1,000,000 wanted to work but did not actively look for work, and 3,500,000 did not want to work. Calculate the following statistics:
a. Calculate the following statistics to 2 decimal places and show your work.
1. What is the labour force.
2. What is the number of people not in the labour force.
3. What is the labour force participation rate.
4. what is the unemployment rate.
5. What is the employment rate.
b. What is a marginal worker? Explain and provide an example
c. Distinguish between functional income distribution and personal income distribution and provide an example of each.
d. Can unemployment be zero? Explain
e. Why could the employment rate be a more useful statistic than the unemployment rate? Explain and provide an example.
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